7 Warning Signs You're Not Saving Enough for Retirement

How much should you be saving for retirement: $1 million? $500,000? There's no single answer. The amount of money you'll need as a senior will depend on your lifestyle and expenses. But if the following items apply to you, it could mean that so far, you're not saving enough.

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You should really aim to put money into your IRA or 401(k) plan every month. But if there are several months during the year when you don't contribute at all, then it's a sign that you may end up falling short down the line.

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Many employers that sponsor 401(k) plans also match worker contributions to varying degrees. If you can't remember the last time you snagged free matching dollars in your account, it probably means you're not saving as much as you should be.

As a general rule, it's a good idea to aim to sock away 15% of your salary for retirement at a minimum (and 20% would be more ideal). If you're nowhere close to that mark, it means you may have some catching up to do.

It's natural for some of your expenses to increase over time. Your rent might go up, or if you own a home, your property tax bill might rise. But if you're spending more money than ever on nonessential expenses, like restaurant meals and vacations, it means you're not putting that extra money into your retirement savings, so you may want to rethink that.

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There's no rule stating that your IRA or 401(k) balance must match those of the people around you. But if your balance is considerably lower, that should serve as a wake-up call. For some context, the average 401(k) balance was $123,900 during the first quarter of 2021, according to Fidelity, while the average IRA balance was $130,000. Now these figures should be taken with a grain of salt, because if you're only 30 and the average account holder surveyed by Fidelity is 10 to 20 years older, you may be behind for that reason alone. But it wouldn't hurt to use these figures as a starting point to see where you should be.

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Many seniors end up filing for Social Security early -- and slashing their benefits in the process -- because they enter retirement with inadequate savings. If you're planning on doing that, it could mean that you're not socking away enough money for the future.

There's nothing wrong with planning to live frugally as a senior. But if you already feel forced to go that route and your career isn't nearly over, it could mean that your savings need work.

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If you're worried that you're not saving enough for retirement, don't panic. Instead, map out a plan to do better. Get yourself on a budget so you can carve out more room for consistent IRA or 401(k) contributions, and start cutting back on expenses where you can to eke out more money for your savings. You might even consider getting yourself a side job on top of your main one to score the extra cash. The more money you're able to save for your senior years, the more comfortable and enjoyable your retirement is likely to be -- so if you're unhappy with your savings now, make a commitment to improving.

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